Oculus rift went from a 2012 Kickstarter to a $2 billion Facebook buyout

Facebook acquired Oculus VR—creator of the forthcoming Oculus Rift virtual reality headset—for approximately $2 billion.

Following the demonstration of the Oculus Rift prototype at E3 in June 2012, on 1 August 2012 the company announced a Kickstarter campaign to further develop the product. Within four hours of the announcement, Oculus secured its intended amount of US$250,000 and in less than 36 hours, the campaign had surpassed $1 million in funding, eventually ending with $2,437,429.

On December 12, 2013, Marc Andreessen joined the company’s board when his firm Andreessen Horowitz led the $75 million Series B venture funding.

The headset, designed by 21-year-old Palmer Luckey, has been available as a developer kit since March 2013. So far it’s primarily been used for video games.

NBF – They need to fix the problem of the virtual reality headset generating nausea in many users.

Facebook views the technology as more than a peripheral for video games. “Immersive virtual and augmented reality will become a part of people’s everyday life,” Zuckerberg said. “History suggests there will be more platforms to come, and whoever builds and defines these,” he said, will shape the future and reap the benefits.

Asked on the investor call why the time is right for mass-market virtual reality, Zuckerberg cited the low cost of the necessary components. “One of the things driving this is that people can reuse components mass-produced for phones that can render a world quickly enough to not make a person feel motion sickness,” he said. “You need to render everything in a virtual world within 15 milliseconds, otherwise it’s too jarring and doesn’t feel real. For the first time, we are able to do that.”

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